Smart actions for smart landlords
Tamara Price, Lettings Manager, offers some useful advice that can help landlords begin a new tenancy in the smartest way...
There are many landlords out there who rely on professional support when it comes to the rental market. Whether that involves help with renting out one property or a portfolio of several, it's vital that a landlord can comfortably put trust in their letting agents and benefit from the top quality service that they both expect and deserve.
Below I've recommended a number of smart actions that every smart landlord should take when entering the rental market. These actions will not only keep you well organised and in control of your investment, but will also go a long way towards keeping your tenants happy or making it easier to deal with any issues that may arise in the future.
Seek advice from local professionals
If you're completely new to the rental market, you'll find that there's a huge amount of information that needs to be digested with regards to buy-to-let mortgages, the legal responsibilities of a landlord, tenants rights and so much more. This is why the advice of local professionals such as brokers, solicitors and reputable letting agents, is an absolute necessity for anyone thinking about letting a property for the first time. Not only that, but the law surrounding the rental industry as well as the actual rental market itself is constantly changing, so it's just as helpful for seasoned landlords to keep themselves up to date with the help of professionals as well.
Get the correct insurance in place
It's important for landlords to ensure that their let property is adequately covered with the relevant insurance policies. Most standard policies do not protect let properties, so it's vital to check this at the very beginning. It's also worth having a conversation with tenants to make sure that they are aware of what options they need to consider in terms of their own insurance, such as contents insurance for their own belongings.
Carry out regular property maintenance checks
Landlords gain two benefits from carrying out routine maintenance inspections and using them to rectify any problems with the property. Firstly, it keeps your big investment - the property itself - in great condition while ensuring you're not faced with one huge list of costly issues that need to be addressed further down the line. Secondly, it will keep your tenants happy and in turn may well keep them living in your property for a longer period of time, which can result in you facing many less void periods with no rental income. If you're a busy landlord, like most are, then you can utilise the property management services of a reputable letting agent. These services can include regular checks as well as any handy work being taken care of immediately so that you don't have to find the time around any regular work to solve the problem.
Set the right rent price
Charging tenants the right amount of rent can often seem like a bit of a minefield. Set your rental price too high and you may find it difficult to attract tenants, but go too low and you'll be missing out on the opportunity to maximise your income. There are many factors at play when it comes to setting the rental price, from location, property size, and local amenities, to the actual current state of the rental market. This is another reason knowledge and expertise from local letting agents can be worth its weight in gold.
Use a check-in and check-out inventory
To make the check-in and check-out process as problem-free as possible, it's always worthwhile conducting an inventory and having the tenant check and sign it at the start of the tenancy. A comprehensive inventory can be put together by yourself before the tenancy begins, but this is very time consuming and may hold less clout if it came to a dispute, so you may want to consider having your letting agent or a non-biased inventory company carry out the inventory for you. The inventory should provide a thorough record of the condition of the property and any items that are included. This can then be used at the end of the tenancy to determine whether any dilapidations are payable.
If you're seeking landlord advice, would like to learn more about our letting services or are thinking about buying or selling a property in Cardiff, then contact your local property experts here at CPS Homes. You can call us on 02920 668585, e-mail enquiries@cpshomes.co.uk, or pop into one of our three Cardiff branches.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
